Taylor Swift’s Eras Tour and Beyoncé’s Renaissance Tour have been on the forefront of entertainment news this summer. Not only are these shows cultural phenomena that celebrate top female artists at their prime, but they have also impacted the country’s economy due to economic demand and increased tourism.
According to The Wall Street Journal, “The Eras Tour, which started in March and ends in the U.S. on Aug. 9, is on track to become the biggest in concert history, potentially grossing $1 billion.”
Considering Swift and Beyoncé have not toured since before the COVID-19 pandemic, fans are desperate to secure a ticket. This pent-up demand has led music fans to become more desperate to spend money on overpriced tickets, referred to as “revenge spending” by the New York Times.
With every stop on her iconic tour, Swift generates significant revenue for local businesses and heightens tourism. Fans are traveling across the globe to see her live, and demand for Eras Tour tickets has been unprecedented, even causing the world’s largest ticket marketplace, Ticketmaster, to crash during the fan presale of the first U.S. leg.
Rather than just attending the concert, Swift’s fans, known as “Swifties”, make it a whole event by dressing up as Swift’s past “eras”, visiting local businesses, and booking thousands of hotel rooms for the days surrounding their highly anticipated concert date.
“Tens of thousands of people are coming to stay in hotels and dining in the area before and after the event,” James Butts, mayor of Inglewood, California, said prior to Swift’s shows at SoFi stadium.
As Swift begins the international leg of the Eras Tour, Beyoncé’s Renaissance Tour kicks off in the United States. Beyoncé fans, known as the “Bey Hive”, are just as devoted as Swifties and are willing to spend thousands on a single ticket to see the global superstar, resulting in a huge economic impact.
According to a Yelp analysis, “Searches for lounges, aestheticians and nail technicians in the week leading up to Beyoncé’s performance in East Rutherford, N.J., saw triple-digit percentage increases compared to the year before.”
The opening night of the Renaissance Tour significantly increased prices in Stockholm as the city welcomed Beyoncé. Lodging and food prices skyrocketed due to demand from the singer’s fans.
According to CNN, Michael Grahn stated, “Stars come here all the time, [but] we seldom see effects like this.”
The chosen cities on both world tours will receive benefits both within the fanbase and across the city as a whole, fueling consumption and traveling. From ridesharing companies to beauty salons, each city welcoming Beyoncé or Swift is predicted to experience an economic boost.
It is undeniable that Taylor Swift and Beyoncé have fans across generations putting in massive effort to experience these record-breaking tours. As a result, the global economy is boosted, people are brought together, and memories are created.
